FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 19: Fifo Method

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 31

Multiple Choice

Review LaterAdd Note

Review Later

Morvan Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. -What are the equivalent units for conversion costs for the month in the first processing department?

A) 9,000
B) 8,500
C) 8,300
D) 150

E) A) and D)
F) A) and B)

Correct Answer

verified

Show Answer

Question 32

Multiple Choice

Review LaterAdd Note

Review Later

Nyman Company successfully switched to a lean production system at the beginning of March. Therefore, as shown by the summary below, there were no work in process inventories on hand at the end of the month. -If Nyman Company uses the FIFO cost method,the March equivalent units for conversion would be:

A) 150,000 units
B) 190,000 units
C) 172,000 units
D) 168,000 units

E) C) and D)
F) A) and B)

Correct Answer

verified

Show Answer

Question 33

True/False

Review LaterAdd Note

Under the FIFO method,costs per equivalent unit will contain only costs from the current period.

Branden Company uses the FIFO method in its process costing system.All materials are introduced at the beginning of the process in Department One.The following data relate to the month of May for Department One: What are the equivalent units for the month of May?

Dana Inc.uses the FIFO method in its process costing system.The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a.Determine the equivalent units of production for materials and conversion costs. b.Determine the cost per equivalent unit for materials and conversion costs. c.Determine the cost of ending work in process inventory. d.Determine the cost of units transferred out of the department during the month.

Tepla Corporation uses the FIFO method in its process costing system.Operating data for the Curing Department for the month of March appear below: According to the company's records,the conversion cost in beginning work in process inventory was $40,608 at the beginning of March.The cost per equivalent unit for conversion costs for March was $9.30. How much conversion cost would be assigned to the units completed and transferred out of the department during March?

Bennett Company uses the FIFO method in its process costing system.During April the equivalent units of production with respect to conversion costs totaled 24,600 units.Work in process inventory on April 1 consisted of 8,000 units,40% complete with respect to conversion costs.A total of 25,000 units were started into production during the month and 20,000 units were transferred to finished goods.Based on this information,Bennett Company's work in process inventory on April 30 consisted of:

The information below was obtained from the records of one of the departments of Cushing Company for the month of August. The company uses the FIFO method in its process costing system. All materials are added at the beginning of the process. -The equivalent units for labor and overhead for the month of August are:

In February, one of the processing departments at Grosz Corporation had beginning work in process inventory of $18,000 and ending work in process inventory of $11,000. During the month, the cost of units transferred out from the department was $204,000. The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for February,the costs added to production in the department would be:

The activity in Nolan Company's Blending Department for the month of April is given below: All materials are added at the beginning of processing in the Blending Department. -The equivalent units for material for the month,using the weighted-average method,are:

Equivalent units for a process costing system using the FIFO method would be equal to:

In May, one of the processing departments at Lukman Corporation had beginning work in process inventory of $11,000. During the month, $120,000 of costs were added to production and the cost of units transferred out from the department was $94,000. The company uses the FIFO method in its process costing system. -In the department's cost reconciliation report for May,the cost of ending work in process inventory would be:

From the standpoint of cost control,the weighted-average method of process costing is superior to the FIFO method.

Nilgiri Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places. -What are the equivalent units for materials for the month in the first processing department?

Under the FIFO method,the percentage of completion of the ending inventory must be greater than the percentage of completion of the beginning inventory.

Ermoin Inc.uses the FIFO method in its process costing system.The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a.Determine the equivalent units of production for materials and conversion costs. b.Determine the cost per equivalent unit for materials and conversion costs. c.Determine the cost of ending work in process inventory. d.Determine the cost of units transferred out of the department during the month.

The cost per equivalent unit for conversion costs will always be the same under both the FIFO and the weighted-average methods if there is no ending work in process inventory.

Wilson Company has a process costing system. The Assembly Department had the following costs for May: -Assume that Wilson uses the FIFO method,and that for May the company computed 16,000 equivalent units for materials.The cost per equivalent unit for materials for the month would have been:

Zippy Company has a process costing system. Information about units processed and processing costs incurred during a recent month in the Refining Department follow: The beginning work in process inventory had $10,946 of processing cost attached to it at the beginning of the month. During the month, the Department incurred an additional $289,954 in processing cost. -Assuming that the company uses the FIFO method,what is the cost per equivalent unit of production for processing for the month?

The activity in Nolan Company's Blending Department for the month of April is given below: All materials are added at the beginning of processing in the Blending Department. -The equivalent units for labor and overhead for the month,using the weighted-average method,are: